Michael Comras, head of the Miami Beach-based Comras Company, is planning a significant renovation of a Lincoln Road retail portfolio that his firm recently acquired for $140 million. While Comras did not confirm the purchase price, a source familiar with the transaction provided the figure to The Real Deal.
The acquisition includes 11 storefronts located at 600, 719–737, 741, and 801–821 Lincoln Road as well as 723 North Lincoln Lane. The purchase was financed with a $117 million loan from Acore Capital, based in San Francisco.
Morgan Stanley, headquartered in New York, was the seller. The company originally bought these properties in 2014 as part of a larger portfolio deal valued at $342 million. At that time, Morgan Stanley acquired them from Terranova, which kept an ownership stake.
Current tenants in the buildings include The Cheesecake Factory, Salt & Straw, It’Sugar and Lincoln Eatery.
According to a press release from Comras Company, plans are underway to redevelop the properties into a new shopping district called NoLi (North Lincoln Road). This redevelopment will cover about 150,000 square feet and feature Via NoLi—an 18-foot-wide walkway through the 700 block connecting to North Lincoln Lane—lined with boutique shops and restaurants. Additional features will include NoLi Plaza with café seating and greenery as well as converting North Lincoln Lane into a pedestrian area with expanded sidewalks and outdoor dining options. Retail spaces will range from approximately 400 to 4,000 square feet.
The properties were previously under contract to be sold to the Cohen family behind Duane Reade drugstores for over $150 million. However, that deal collapsed after they were unable to secure financing or an equity partner.
Comras Company has been active on Lincoln Road since its founding in 1992. It operates a leasing brokerage division and owns other properties on the street including locations at 701 and 734-744 Lincoln Road. Tenants at those sites include Aldo, Swarovski and Hoka.
In addition to this recent acquisition, Comras sold another block at 1001-1035 Lincoln Road in 2015 for $370 million to Pontegadea—the family office of Spanish billionaire Amancio Ortega.
Lincoln Road has experienced challenges recently due to competition from newer retail destinations like Miami Design District and Wynwood. As a result, many storefronts remain vacant—including the closed Regal South Beach movie theater—but landlords report an average occupancy rate of about 77 percent on Lincoln Road with new tenants preparing to move into empty spaces.
